Mall developer Macerich Co. announced Tuesday that they would be investing $106.8M in a joint-venture with PREIT to help realize the future of "accessible luxury retailing" at The Gallery at Market East. By now, you've heard that the first non-New York Metro Area Century 21 is coming to the 8th and Market Street side of the mall, but this move could make a total sea-change for The Gallery, and really Market East as a whole when you figure in the projects at Girard Square, the improvements under and around the Lit Bros. Building and, quite possibly, a casino. The deal makes Macerich Co. and PREIT 50/50 partners and The Inquirer notes that both entities will invest equally in the improvement of the property. Macerich Co. has been around the block, they own 55 malls around the country, including Deptford Mall and urban malls in Brooklyn and Queens. Take the poll: Are you now a believer in The Gallery?
· Mall developer Macerich Co. to invest $106.8M in Gallery revival effort [The Inquirer]
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